OME

OMR

OPEC

ORC

OSTP

OTEC

ocean thermal energy conversion

observed decline rate

the production decline rate of an oil or gas field after all measures have been taken to maximise production. It is the aggregation of all the production increases and declines of new and mature oil or gas fields in a particular region.

ocean power

energy available for recovery through different types of technologies that exploit the following phenomena: tidal rise and fall (barrages), tidal/ocean currents, waves, temperature gradients, and salinity gradients.

oil burden

nominal oil expenditures (demand multiplied by the crude price) divided by nominal GDP. This is a proxy of how much any given economy spends on its oil needs in a given year. Typically, the global oil burden hovers around 2% of GDP – excepting during oil price shocks, e.g. in 2008. In other words, the oil burden is one leading indicator of potential economic trouble ahead.

options

instruments that convey the rights, but not the obligation to engage in a future transaction on an underlying security or in a future contract.

other energy sector

IEA use of this term covers the use of energy by transformation industries and the energy losses in converting primary energy into a form that can be used in the final consuming sectors. It includes losses by gas works, petroleum refineries, coal and gas transformation and liquefaction. It also includes energy used in coal mines, in oil and gas extraction and in electricity and heat

other renewables

as the term is used by the IEA, include geothermal, solar, wind, tide/wave/ocean energy for electricity generation. The direct use of geothermal and solar heat is also included in this category.